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Business Profile

Mortgage Lenders

PENNYMAC
BBB accredited business seal
BBB Accredited BusinessA+Rated by BBB

Complaints

This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see

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PENNYMAC has 17 locations, listed below.

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    Customer Complaints Summary

    • 675 total complaints in the last 3 years.
    • 212 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:07/13/2022

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Please see the following account of events that have led to Pennymac erroneously reporting my June mortgage payment as late in July 2022. I was placed into a loan modification process despite never requesting that they do that. Once placed into this process, I was blocked from making payments. On 6-6-2022 I spoke to someone on the phone and requested that they remove my account from the loan modification process. This was never done and I was unable to make the payment on time, resulting in a delinquent payment on my credit report. Of note, I never filled out an application. Please see attached PDF with more detailed information, as well as screenshots of my attempts to make a payment and was given a message that the one time payment feature was not available to me due to the status of my loan. I also have audio recordings of Pennymac Reps admitting fault but still refusing to correct the issue.

      Business Response

      Date: 07/13/2022

      Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
      the opportunity to review and respond to Mr. M*********'s concerns.

      PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
      detailed letter of explanation will be sent to Mr. M********* under separate cover within 15 days.

      PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
      refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
      information.

      Customer Answer

      Date: 07/21/2022





      I am rejecting this response because:

      Pennymac simply said that they will respond, but did not actually do anything. 



      Regards,



      ***** M*********


























































      Business Response

      Date: 07/21/2022

      Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

      Customer Answer

      Date: 07/21/2022





      I am rejecting this response because: nothing has has been done so far. I do not want the complaint to be closed until the issue has been resolved. Responding by saying that a response will come later is an incomplete response.



      Regards,



      ***** M*********


























































    • Initial Complaint

      Date:07/13/2022

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Had issues with my account so my monthly payment didn't process. Once the account got straight I called PennyMac and spoke with a representative on June 27th for them to run the payment back through my account. The representative ran the payment back through whatever account they had on file which was the wrong account. It was coming time for my next payment and I saw that that other payment had never been processed so I called PennyMac. Come to find out the representative from PennyMac used the banking information on file which was not the correct account so therefor my payment didn't process! So due to a mistake the representative made I received a late payment on my credit reports. I would like for them to remove it because I have not been late in almost 2 years and it was not my fault. The way that PennyMac has treated their customers since the Pandemic has been unbelievable. Every time you call no one is ever on the same page. No one knows who does what. The late payment that was put on my credit was their fault not mine so I want it removed. This is the type of unfair treatment the consumers get because we don't have anyone to advocate for US when they make mistakes.

      Business Response

      Date: 07/13/2022

      Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
      the opportunity to review and respond to Ms.D********'s concerns. 

      PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
      detailed letter of explanation will be sent to Mrs.D******** under separate cover within 15 days.

      PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
      refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
      information.

    • Initial Complaint

      Date:07/12/2022

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Was told I'd have a letter regarding the modification by 7/8 but yet still no letter. Almost 3 months for a loan modification application which was approved but also denied. Typical Pennymac incompetence.

      Business Response

      Date: 07/12/2022

      Please be advised, you will receive a response within 15
      days from the date in which you made the request, under a separate cover letter
      in the mail.  PennyMac values and
      protects its customers’ confidential information.  Due to privacy reasons, we will refrain from
      posting any personal information to the BBB site as we do not disclose our
      borrowers’ personal information.

       

    PENNYMAC is BBB Accredited.

    BBB accredited business seal

    This business has committed to upholding the BBB Standards for Trust.

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